Following a 28-win season that included Iowa State’s first trip to the Sweet 16 and Big 12 Championship since the 2000 season, coach Fred Hoiberg has been rewarded.

Iowa State announced April 11 that the fourth-year coach has been given a $600,000 raise per season to bring his annual compensation to $2.6 million, ranking him near the top-10 coaches nationally. 

Hoiberg’s compensation will jump from $1.6 million from the 2013-14 season to $2.2 million next season with $100,000 raises per season to bring the overall value of the contract to $2.6 million annually. 

“We are pleased to come to terms on a revised contract with Coach Hoiberg and his agent so quickly,” said ISU Director of Athletics Jamie Pollard in a statement. “We hope our commitment to him will keep him at Iowa State University for the rest of his career.”

Hoiberg signed a 10-year contract in May 2013 through the 2023 season with an annual average salary of $2 million plus bonuses. Aside from the raise, the remainder of Hoiberg’s contract will remain the same. 

Last season, Hoiberg earned $150,000 in bonuses: $50,000 for the Cyclones’ conference championship, $50,000 for the NCAA tournament appearance and $25,000 for each of the team’s NCAA tournament victories.

The Ames native has led the Cyclones to three consecutive NCAA tournament appearances and has gained national attention. To leave for the NBA, Hoiberg would have to pay a $500,000 buyout. 

“We recognize the tremendous accomplishments that have become commonplace during Fred’s tenure,” Pollard said. “We play an exciting brand of basketball that has brought Hilton Magic back to life. Equally important, his players have been good students and ambassadors for the institution.”